Welsbach Technology Metals Acquisition extends business combination deadline

Welsbach Technology Metals Acquisition has approved an extension of the time period to consummate a Business Combination, to and including September 30. In connection therewith, the company has also approved the issuance and sale of, to Welsbach Acquisition Holdings a non-interest bearing, unsecured promissory note equal to $125K that will not be repaid in the event that the company is unable to close a business combination unless there are funds available outside the trust account to do so. Such note would either be paid upon consummation of the initial business combination out of the proceeds of the Trust Account released to the company or converted, in full or in part, upon consummation of the business combination into additional private units at a price of $10.00 per unit. In addition, the company has also approved the issuance and sale of, to the Sponsor, a series of non-interest bearing, unsecured promissory notes equal for the company’s working capital purposes up to a maximum of $1.5M. Concurrently with the deposit of the Proceeds, the Sponsor has funded an additional $378K under the Working Capital Loan, for an aggregate total Working Capital Loan of $462K as of the date hereof.